Tax Consequences

For a Corporation the IRS penalty for late filing and late paying is based on how much you owe them. Therefore if you lost money or did nothing it will not matter when you file the return. This can be advantageous and you can save time around tax time by focusing on those companies that made money instead of doing tax returns on companies that did nothing or lost money. It would still be in your best interests to not wait several years to catch up your returns (as many people do) as this will cause the IRS to start paying attention to you which is never a good thing! If you need help with your returns please give us a call today - 775-577-4822.